84-004 - Laserfiche WebLink

Home Browse Search

., ,- " ~ .. . 3. The Project is hereby given preliminary approval by the City and the issuance of the bonds. notes or other obli- gations for such purpose and in such amount is hereby approved, subject to approval of the Project by the Minne- sota Energy and Economic Development Authority and the mutual agreement of this body, the Borrower and the initial purchasers of the bonds, notes or other obligations as to the details of the bond issue and provisions for their pay- ment. In all events, it is understood, however, that the bond, notes or other obligations of the City shall not con- stitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the Project, and each bond, note or other obligation when, as, and if issued shall recite in substance that the bond, note or other obligation, including interest thereon, is payable solely from the revenues received from the Project and the property pledged to the payment thereof and shall not constitute a debt of the City. 4. In accordance with Minnesota Statutes, Section 474.01, Subdivision 7(a), the Mayor is hereby authorized and directed to submit the proposal for the Project to the Minnesota Energy and Economic Development Authority for approval of the project. The Mayor, the Clerk-Treasurer, the Ci ty Attorney and other officers, employees and agents of the City are hereby authorized to provide the Minnesota Energy and Economic Development Authority with any pre- liminary information needed for this purpose, and the City Attorney is authorized to initiate and assist in the prep- aration of such documents as may be appropr iate to the Project, if it is approved by the Minnesota Energy and Economic Development Authority. .~13~ Mayor Attest: ~~ ..<-." ~ c. 'e:. '-'I'-~.easurer ". '.' . , "..........~ ~----- ~- ...~-~ - 3 -